MORGANTOWN — A bond issuance needed to fund improvements to city of Morgantown facilities is moving forward.
During its most recent session, council voted unanimously to adopt an ordinance conveying ownership of city hall, the public works garage and Norwood fire station to the Morgantown Building Commission in exchange for the issuance of up to $7 million in lease revenue bonds.
“The building commission was created to be able to issue bonds on behalf of the city. The way this process works is the city deeds those buildings that are necessary to hold in connection with the bonds and the building commission appoints the city to be its agent in conducting the business of facility improvements,” City Manager Kim Haws said.
Design professionals have not yet been retained for the various projects, but City Attorney Ryan Simonton said the city’s internal estimates put the total cost of the work at $5.6 million.
Placement agent Crews & Associates will request proposals to prospective bank purchasers of the city’s debt.
Simonton said the banks are being asked to propose either 15-year or 20-year debt service schedules and corresponding interest rates, which Simonton previously said would not exceed 6%.
A supplemental resolution specifying the specific details of the financing will be before council March 1.
The city will make lease payments to the building commission to pay off the principle and interest on the bonds. Once paid off, the deeds for city hall, the public works garage and the fire station would return to the city. The building commission already owns the public safety building.
Improvements to city hall are estimated at $2.9 million and may include asbestos abatement, elevator replacement, a new heating and cooling system, window replacement, creation of a secure entrance foyer, restroom upgrades, kitchen upgrades, flooring renovation and replacement and creation of a basement workshop.
The city maintenance garage work is estimated at $1.6 million and is expected to include master planning for the site, including determination of an urban landscape nursery area. It will also address roof repairs and replacement including paint shop ventilation, building envelope insulation, fire safety and suppression upgrades, site work addressing stormwater systems, and evaluation of salt building replacement or relocation.
The public safety building is looking at approximately $600,000 in improvements, including a new elevator and elevator shaft repairs; exterior repairs, including new lighting, concrete stair repairs, possible replacement of the building’s generator, restroom upgrades, and communication and data upgrades.
Lastly, about $400,000 in improvements are planned for the Morgantown Fire Department’s Norwood station, including investigation of settlement issues and foundation/slab repairs, restroom repairs and renovation, updates to the kitchen area, plumbing and ventilation upgrades, van door replacement, and possible creation of a secondary sleeping and restroom area.
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